United Bank for Africa (UBA) Plc has announced the retirement of its Group Chairman, Tony Elumelu, from the Board of Directors, bringing to a close a 12-year tenure that reshaped the pan-African financial institution and strengthened its position as one of the continent’s leading banking groups.
The bank disclosed on Monday that Elumelu will formally retire from the Board on August 21, 2026, in line with the Central Bank of Nigeria’s (CBN) corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors of commercial banks.
UBA also announced the appointment of Emmanuel Nnorom, a Non-Executive Director on its Board, as the incoming Group Chairman.
His appointment will take effect on the same date, ensuring a seamless leadership transition.
The decisions were approved by the Board of Directors at its meeting held on July 6, 2026, the bank said in a statement.
Elumelu’s exit marks the end of a significant chapter in UBA’s corporate history. During his tenure as Group Chairman, the bank consolidated its status as one of Africa’s foremost financial institutions, expanded its footprint across 20 African countries, and strengthened its presence in four major global financial centres.
Under his leadership, UBA grew its customer base to more than 50 million across Africa and beyond, while reinforcing its position as a leading provider of banking and financial services on the continent.
The bank also deepened its digital banking capabilities, strengthened corporate governance standards, and expanded support for trade, investment, and economic development across its markets.
Commenting on the transition, the Board paid glowing tribute to Elumelu’s contributions, describing his leadership as visionary and instrumental to the bank’s remarkable transformation over the past decade.
“The Board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,” the statement said.
According to the bank, Elumelu leaves behind a stronger institution with a solid governance framework, enhanced operational resilience, and a clear strategic direction for future growth.
Speaking on his retirement, Elumelu described his years of service on the Board as one of the defining periods of his professional career.
“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position across Africa and globally, and I leave the Board with great confidence in UBA’s future,” he said.
Expressing confidence in his successor, Elumelu said Emmanuel Nnorom possesses the integrity, experience, and sound judgment required to lead the Board through its next phase of growth.
“Emmanuel Nnorom is a leader of integrity, experience, and sound judgement, and I am confident that the Bank will continue to thrive under his leadership,” he added.
The incoming Group Chairman, Emmanuel N. Nnorom, is a chartered accountant and seasoned corporate executive with more than 40 years of experience spanning banking, finance, auditing, and corporate governance.
Having served as a Non-Executive Director on UBA’s Board, Nnorom is widely regarded as possessing an in-depth understanding of the bank’s operations, strategic priorities, and governance framework. The bank said his wealth of experience positions him to provide strong leadership as UBA pursues its next phase of expansion and value creation.
Responding to his appointment, Nnorom expressed appreciation to the Board for the confidence reposed in him and pledged to build on the solid foundation laid by his predecessor.
“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit.
I look forward to working with my colleagues on the Board, Management, and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers, and stakeholders,” he said.
Industry analysts view the leadership transition as a carefully planned succession that underscores UBA’s commitment to strong corporate governance and regulatory compliance.
The appointment of Nnorom is expected to ensure continuity in the bank’s long-term strategy while preserving the governance culture that has underpinned its growth over the years.
The transition will officially take effect on August 21, 2026, when Elumelu retires from the Board and Nnorom assumes office as Group Chairman, ushering in a new leadership phase for one of Africa’s largest and most influential banking institutions.